The online homewares retailer’s sales in the first five weeks of 2023 are down 7pc, as it slows investment in a new DIY hardware site.
Webster did not pay a dividend. Sales fell 12 per cent to $207 million for the six months ended December 31.Mr Coulter said a strategic decision had been made to lower the investment levels in The Build, with that DIY sector still “nascent”. The group last May launched the online store,Online penetration across the industry in the home improvement and DIY sector is less than 5 per cent.
The company said on Tuesday it will reduce its investment into The Build to $6 million, instead of the previously stated $10 million.Webster overall has 840,000 active customers and said 57 per cent of its business was from repeat customers. The active customer number peaked at more than 900,000 in the June half.Webster had dialled back spending in the December half generally and had a much bigger focus on managing profit margins. Marketing spend was 11.8 per cent of revenue versus 13.
“Longer term, e-commerce in the Australian homewares category remains highly under-penetrated, and we have a much larger addressable market to go after in our new target verticals,” he said.
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